RevSpring has incorporated lockbox payments into its digital payment platform, offering healthcare financial leaders a unified view of payments made through various channels.
This integration expands RevSpring’s PersonaPay platform to include a lockbox solution that covers patient payments made by check, according to a Tuesday (June 25) press release.
The enhanced platform now combines lockbox payment details with other payment methods processed by RevSpring, such as text-to-pay, point-of-service, call center, interactive voice response (IVR), and online self-service.
“More than 40% of patient payments are still mailed today,” said Casey Williams, senior vice president of payment applications at RevSpring. “And although that number continues to decrease, it is important to have full visibility into all payment modalities.”
With a single, unified view of payments, healthcare financial leaders can reconcile cash faster and more accurately, while gaining insights into payment trends and performance across different channels.
RevSpring’s lockbox solution is HIPAA compliant and secure, capable of capturing and validating essential data such as patient account information, payment amount, invoice amount, payer details, and funding confirmation.
The lockbox payments are processed, submitted alongside other RevSpring payments, and posted through the settlement-based reconciliation software.
In addition to administrative benefits, integrating lockbox payments into the RevSpring platform is expected to improve financial outcomes, enhance patient experience, and boost loyalty.
“With clear visibility into patient payments made outside of our digital platforms, there is greater insight into which payment channels are performing for which patients. This informs and empowers revenue cycle leaders to engineer better financial outcomes,” Williams added.
According to PYMNTS Intelligence, innovations like unified healthcare platforms are addressing some of the common challenges consumers face. Currently, 21% of consumers reported difficulty with the payment process, as noted in “The Digital Platform Promise: How Patients Want to Streamline Healthcare Payments,” a PYMNTS Intelligence and Lynx collaboration.
RevSpring’s latest solution launch follows its acquisition by investment firm Frazier Healthcare Partners about three months ago, a partnership aimed at accelerating RevSpring’s success as a solution provider in the communication and payments industry.
